Flexitallic flexes $200 million term loan B to Libor plus 650 bps

By Sara Rosenberg

New York, Oct. 29 – Flexitallic Group (FGA Acquisition Corp.) increased pricing on its $200 million term loan B (B3/B-) to Libor plus 650 basis points from Libor plus 600 bps, according to a market source.

Also, the Libor floor on the term loan was changed to 1% from 0%, the original issue discount widened to 97.5 from 98 and the 101 soft call protection was extended to one year from six months, the source said.

In addition, the company tightened the EBITDA definition, acquisition, investment and restricted payments baskets, and added quarterly calls with management.

Natixis and Bank of Ireland are the joint bookrunners on the deal.

Proceeds will be used to refinance existing debt.

Flexitallic, a Bridgepoint portfolio company, is a Houston-based manufacturer and supplier of static sealing solutions, primarily selling gaskets across a diverse set of end markets.

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